Canola rises even as loonie climbs

January canola futures eked out a gain Monday as the crop continues to show relative short-term weakness.

Soy oil futures rose about double canola’s gain, with canola’s strength limited by the rising Canadian dollar.

“It’s choppy right now,” said Ken Ball, broker with P.I. Financial in Winnipeg.

“The markets are going to be choppy going into this USDA report.”

On Thursday the U.S. Department of Agriculture reports should shore up the market’s understanding of the true state of U.S. production and stocks. Although no big surprises are anticipated or likely, traders are antsy because of the volatile reaction to the last reports, which seemed to be much more than the numbers justified.

Canola prices remain at attractive levels for many farmers, at $11.76 per bushel. $520 has been a resistance level since July.

December spring wheat futures had a healthy day Monday, with a one percent rise in value to $6.31 per bushel.

OUTSIDE MARKETS

Light crude oil nearby futures in New York were up $1.71 at US$57.35 per barrel.
In the afternoon, the Canadian dollar was trading around US78.68 cents, up from 78.34 cents the previous trading day. The U.S. dollar was C$1.2709.

Winnipeg ICE Futures Canada dollars per tonne

Canola Nov 17   516.40s   +2.10   +0.41%

Canola Jan 18   518.90s   +2.10   +0.41%

Canola Mar 18   525.30s   +2.60   +0.50%

Canola May 18   529.40s   +2.80   +0.53%

Canola Jul 18   532.00s   +3.20   +0.61%

 

American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound. Prices are displayed with fractions (2/8, 4/8, and 6/8) instead of decimals. -2 equals .25, -4 equals .50, -6 equals .75. The “s” means it is the settlement.

Chicago

Soybeans Nov 17   984-0s   +7-0   +0.72%

Soybeans Jan 18   994-0s   +7-2   +0.73%

Soybeans Mar 18   1004-2s   +7-0   +0.70%

Soybeans May 18   1013-4s   +7-2   +0.72%

Soybeans Jul 18   1022-0s   +7-4   +0.74%

 

Soybean Meal Dec 17   316.1s   +2.2   +0.70%

Soybean Meal Jan 18   318.1s   +2.1   +0.66%

Soybean Meal Mar 18   321.2s   +1.7   +0.53%

 

Soybean Oil Dec 17   34.73s   +0.31   +0.90%

Soybean Oil Jan 18   34.89s   +0.30   +0.87%

Soybean Oil Mar 18   35.10s   +0.29   +0.83%

 

Corn Dec 17   348-0s   -0-2   -0.07%

Corn Mar 18   361-4s   -0-4   -0.14%

Corn May 18   370-2s   -0-4   -0.13%

Corn Jul 18   377-4s   -0-6   -0.20%

Corn Sep 18   384-2s   -0-2   -0.07%

 

Oats Dec 17   269-0s   +6-0   +2.28%

Oats Mar 18   272-2s   +3-6   +1.40%

Oats May 18   275-6s   +5-0   +1.85%

Oats Jul 18   276-2s   +5-0   +1.84%

Oats Sep 18   276-2s   +5-0   +1.84%

 

Wheat Dec 17   430-6s   +5-0   +1.17%

Wheat Mar 18   448-2s   +3-6   +0.84%

Wheat May 18   460-6s   +3-2   +0.71%

Wheat Jul 18   474-2s   +3-2   +0.69%

Wheat Sep 18   489-4s   +2-6  +0.56%

 

Minneapolis

Spring Wheat Dec 17   631-0s   +6-2   +1.00%

Spring Wheat Mar 18   644-0s   +5-4   +0.86%

Spring Wheat May 18   651-0s   +4-6   +0.74%

Spring Wheat Jul 18   654-4s   +5-2   +0.81%

Spring Wheat Sep 18   644-0s   +3-0   +0.47%

 

Kansas

Hard Red Wheat Dec 17   430-0s   +3-2   +0.76%

Hard Red Wheat Mar 18   447-0s   +2-4   +0.56%

Hard Red Wheat May 18   460-6s   +2-6   +0.60%

Hard Red Wheat Jul 18   477-4s   +2-6   +0.58%

Hard Red Wheat Sep 18   494-4s   +2-6   +0.56%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Dec 17   125.325s   -1.975   -1.55%

Live Cattle Feb 18   130.650s   -1.100   -0.83%

Live Cattle Apr 18   129.400s   -0.400   -0.31%

 

Feeder Cattle Nov 17   160.150s   -0.725   -0.45%

Feeder Cattle Jan 18   160.875s   -0.650   -0.40%

Feeder Cattle Mar 18   158.075s   -0.275   -0.17%

 

Lean Hogs Dec 17   64.625s   -0.475   -0.73%

Lean Hogs Feb 18   72.225s   +0.250   +0.35%

Lean Hogs Apr 18   75.600s   +0.150   +0.20%

 

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